GASB standards recognize only two categories of GAAP for state and local governments. The most authoritative source of GAAP is GASB Statements.

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GASB standards recognize only two categories of GAAP for state and local governments. Category A is the most authoritative source of GAAP and is comprised of GASB Statements and Interpretations. Category B is also authoritative and is comprised of GASB Technical Bulletins, GASB Implementation Guides, and AICPA literature cleared by the GASB.

GASB Standards Recognize Only Two Categories of GAAP for State